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The stability of the supply base has never been more important for procurement leaders, particularly regarding the use of more diverse suppliers, which by nature may be smaller in scale.” … and so do mitigation strategies So what type of mitigation framework does one try to build around addressing these risks?
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In a previous post , I wrote the following: “With increasing frequency, procurement executives have told me that their successful ProcureTech implementations with smaller, longstanding solution providers are being replaced by more prominent, e.g., bigger providers like SAP Ariba and Workday.
is important because it directly affects a companys profits, cash flow, and overall growth. practices are becoming an increasingly important cost reduction strategy in procurement. Instead, it involves smart planning, better supplier management, and improving the way are made. Why is Cost Reduction necessary in Procurement?
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What customers prioritize when investing in procuretech At Prewave, we find that our customers adopt a structured approach to their ESG and sustainability obligations, which is why its important to provide procuretech solutions that provide a clear, data-driven overview on environmental, social and governance issues.
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Ongoing training is important for procurement teams to keep up with the constantly evolving and advancing procurement tech and services landscape, specifically in niche areas such as category management, supplier management, negotiation and strategic sourcing and in the broader areas of change management and leadership.
This time, a 200% tax on French wine and Champagne is being threatened as a backlash against EU plans to impose significant levies on the importation of American whiskey. Its enough to give your average CPO a migraine and thats without drinking the focus of the tariffs themselves.
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What’s not said is often more important than what is.” In the presentation, Tom and Naoki-san spent a significant amount of time sharing the progress they had made on procurement’s transformation – a programme structured around the seven ‘Ps’: people; processes; platforms; partnerships; planet; performance; and, most importantly, purpose.
EDITOR’S NOTE: To save time and ensure proof of comment, I will share the following screenshot. I have seen instances where people have deleted their comments after a reply (I am not suggesting that is the case here). Without a firm and detailed answer to the above question, everything else is just an interesting conversation.
Responsible procurement and supply chain management are important modules in our MSc programmes. How important do you think soft skills are in procurement? Increasingly important, although I do have a problem with calling them ‘soft skills’ as it implies they are easier, they are actually the hardest! What is your mission?
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Key takeaways Importance of Procurement Procurement vs. Purchasing Key Functions Departmental Structure Role Descriptions The blog emphasizes the significance of a well-structured procurement department with qualified personnel to achieve organizational objectives. Read In Detail About Procurement Department Here 2. and sustainability.
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Ensuring the procurement leadership team possessed complementary skill sets and good chemistry was an important enabler of this. Second, a focus on ensuring his leadership team was fully aligned – both with the vision of the transformation, but also with the goals of key executives across the enterprise.
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